Elder Research, an international leader in AI and data science, has signed a strategic partnership with Smarter Contracts that will see the two businesses combine blockchain technology with AI to enhance the features of patent pending data privacy platform, Pulse.
A first-of-its-kind data privacy platform, Pulse has been built by Smarter Contracts to provide individuals and businesses with greater security, trust, transparency and control over how and where their personal data is being used. Powered by the company’s proprietary blockchain, Pulse is one of a number of privacy-by-design products that have been designed to work in harmony with one another, providing a complete and unique set of digitally transformative experiences.
As part of the agreement, Elder Research has made an investment in building the AI and machine learning engine that will power aspects of the Pulse platform and deepen its existing functionality. This is the second investment Smarter Contracts has received in less than three months and gives the company a post money valuation of £17.5m.
Wayne Lloyd, CEO of Smarter Contracts, said: “Our vision is to give people the tools they need to manage their data in the same way they can manage money. Elder Research is an exceptionally well-respected AI and data science company that works with some of the world’s biggest brands. This partnership provides further validation of the quality and importance of Pulse and provides us with the scale we need to support our growing list of customers. I’m extremely proud to see the Smarter Contracts and Elder Research teams work together to make a difference by solving the very real problem of data privacy in society today.”
Elder Research, whose clients have included Capital One, HSBC, Pfizer, AstraZeneca and numerous agencies of the US and Canadian governments, prides itself on being data driven and people centred. Its investment into Smarter Contracts demonstrates the company’s continued focus on fostering new technologies and high-performance organisations that can provide value for its clients and benefits to wider society.
Ramon Perez, managing director of Elder Research UK, added: “In my opinion, what Smarter Contracts is building is as important for our private data as what iTunes did for music when Apple introduced digital rights management. I think of Pulse as a data rights management platform, and we are excited to help take it forward. The value to the end user and the market opportunities are enormous.”
Work has already begun, and news of the product launch is expected in April 2021.